The market value of movable property in 2017 is what 2018 taxes are based on, Comeaux said, so the decrease means less tax revenue to operate parish governmental entities such as Lafayette Consolidated Government, the School Board and Sheriff's Office.

Inventories are down across the board in Lafayette Parish, including machinery, equipment, computers, hardware, rental equipment, tools that oilfield companies rent out, aircraft, bank stocks, and oil and gas wells.

It's not just oilfield-related or industry-related equipment, Comeaux said. Chain and local retail stores, including grocery stores, clothing stores and sporting goods stores, are keeping less inventory than they did in 2016 because sales are down, he said.